Mobile security company Lookout has raised $150 million to expand services to enterprise clients.
The financing was led by T. Rowe Price and includes participation from Morgan Stanley, Wellington Management Company, Goldman Sachs and Bezos Expeditions. Existing investors such as Accel Partners, Khosla Ventures and Andreessen Horowitz also participated in the round, which brings Lookout’s total funding to $280 million.
The San Francisco startup says it provides mobile security services to 50 million consumers. The funding will be used to address the large enterprise market through new products aimed at business smartphone users.
“Mobile phones have become the center-point of our lives,” said John Hering, Lookout co-founder and executive chairman. “They know more about you than anyone – who you’re banking with, who you do business with, who you talk to.” Lookout seeks to protect mobile phones from malware and dangerous apps and websites.
CEO Jim Dolce, who joined Lookout five months ago, says the move into the enterprise space follows the BYOD movement, in which employees are using personal smartphones to conduct business.
“That creates a different dynamic and risk profile for enterprise IT managers, who no longer have control on their devices – it’s a natural extension for us,” said Dolce.
With the new financing, Dolce said Lookout will also be concentrating on growing its 240-person team, likely doubling in size over the next couple years.
And while Dolce said going public might be a nice milestone for any startup, it’s not a pressing goal.
“We’re focused on building the company and increasing the reach into the enterprise. That’s what the near-term focus is going to be,” said Dolce.